Hope you’re having a wonderful holiday.
At MTM, staff in underwriting, sales and loss control are working hard on the December and January member renewals. While many members have minor renewal changes, others have added/deleted locations, new contracts with higher payroll or new operations in class codes. Sales and underwriting are working to apply the new member’s experience modifications and also making sure discounts each member has earned are applied to their policy renewal.
The MTM claims department and CFO are focused on closing out 2017 successfully. On December 30, our CFO sends 2017 financial and claims data to our actuary. The actuary studies our numbers compared to prior years and then trends these to come up with year-end financial results. Based on what management knows from our monthly reviews, 2017 will be a good year and member dividends are most likely. We will have the final data in late January.
Once Management has the final 2017 numbers; we go to the MTM Board Finance Committee, Board Marketing Committee and finally the Board of Directors in the first half of February. These meetings involve dividend discussions and final decisions are made. As a reminder all Board Committee members and Board members are MTM members themselves.
After the Committees and Board complete their work and decisions are made, MTM Management is next in the process. MTM staff produce the reports that back up the dividends and then Megan and I lead the delivery process. I should also note that the fun of member check deliveries are enjoyed/conducted by our loss control team also. In the last three years MTM has distributed $9.5 million to its members. We are excited to make this the fourth year in a row. We only have 9 days until the close of 2017. Just like young children at Christmas, MTM Management are counting the days to a successful year end. Finally a big thank you needs to go to you, our MTM members for your loss control work. In the end, our lower rates and member dividends are made possible only because of our member’s support of the loss control efforts and your assistance in claims cost management.
More dividend news soon.